The SHFE has arranged the following work schedule during the Labor Day holiday: 1. No night session trading will be conducted on the evening of Wednesday, April 30, 2025. The market will be closed from Thursday, May 1, 2025 to Monday, May 5, 2025. On Tuesday, May 6, 2025, all futures and options contracts will undergo call auction from 08:55 to 09:00, and the night session trading will resume that evening.

2. Starting from the closing settlement on Tuesday, April 29, 2025, the margin ratios and price limit ranges will be adjusted as follows: the price limit range for international copper futures contracts will be adjusted to 10%, the hedging margin ratio to 11%, and the speculative margin ratio to 12%; the price limit range for 20# rubber futures contracts will be adjusted to 11%, the hedging margin ratio to 12%, and the speculative margin ratio to 13%; the price limit range for crude oil and low-sulfur fuel oil futures contracts will be adjusted to 12%, the hedging margin ratio to 13%, and the speculative margin ratio to 14%; the price limit range for the containerized freight index (European route) futures contracts will be adjusted to 19%, and the margin ratio to 21%.

In case of the circumstances specified in Article 16 of the "Shanghai International Energy Exchange Risk Control Management Rules," the margin ratios and price limit ranges will be adjusted based on the above-mentioned levels.

3. After trading on Tuesday, May 6, 2025, starting from the closing settlement of the first trading day without a unilateral market, the price limit ranges and margin ratios will be adjusted as follows: the price limit ranges and margin ratios for all futures contracts will be restored to their original levels.

Other matters regarding the price limit ranges and margin ratios will be implemented in accordance with the "Shanghai International Energy Exchange Risk Control Management Rules."

Original text:

Notice on the Work Arrangements During the 2025 Labor Day Holiday

To all relevant units:

In accordance with the "Shanghai Futures Exchange Announcement on the 2025 Market Closure Arrangements" (SHFE Announcement [2024] No. 204), the work arrangements during the Labor Day holiday are as follows:

1. No night session trading will be conducted on the evening of Wednesday, April 30, 2025.

The market will be closed from Thursday, May 1, 2025 to Monday, May 5, 2025.

On Tuesday, May 6, 2025, all futures and options contracts will undergo call auction from 08:55 to 09:00, and the night session trading will resume that evening.

2. Starting from the closing settlement on Tuesday, April 29, 2025, the margin ratios and price limit ranges will be adjusted as follows:

The price limit range for rebar, hot-rolled coil, and stainless steel futures contracts will be adjusted to 8%, the hedging margin ratio to 9%, and the speculative margin ratio to 10%;

The price limit range for aluminum, zinc, lead, alumina, wire rod, and pulp futures contracts will be adjusted to 9%, the hedging margin ratio to 10%, and the speculative margin ratio to 11%;

The price limit range for copper futures contracts will be adjusted to 10%, the hedging margin ratio to 11%, and the speculative margin ratio to 12%;

The price limit range for natural rubber futures contracts will be adjusted to 11%, the hedging margin ratio to 12%, and the speculative margin ratio to 13%;

The price limit range for fuel oil, petroleum asphalt, butadiene rubber, nickel, and tin futures contracts will be adjusted to 12%, the hedging margin ratio to 13%, and the speculative margin ratio to 14%;

The price limit range for silver futures contracts will be adjusted to 13%, the hedging margin ratio to 14%, and the speculative margin ratio to 15%;

The price limit range for gold futures contracts will be adjusted to 14%, the hedging margin ratio to 15%, and the speculative margin ratio to 16%.

In case of the circumstances specified in Article 12 of the "Shanghai Futures Exchange Risk Control Management Rules," the margin ratios and price limit ranges will be adjusted based on the above-mentioned levels.

3. After trading on Tuesday, May 6, 2025, starting from the closing settlement of the first trading day without a unilateral market, the price limit ranges and margin ratios will be adjusted as follows:

The price limit range for gold futures contracts will be adjusted to 12%, the hedging margin ratio to 13%, and the speculative margin ratio to 14%.

The price limit ranges and margin ratios for other futures contracts will be restored to their original levels.

Other matters regarding the price limit ranges and margin ratios will be implemented in accordance with the "Shanghai Futures Exchange Risk Control Management Rules."

All relevant units are requested to take risk prevention measures to ensure market stability and smooth delivery.

Hereby notified.

Attachment: Table of Adjustments to Price Limit Ranges and Margin Ratios for Relevant Products During the Labor Day Holiday

Shanghai Futures Exchange

April 25, 2025